UK BUDGET CONFIRMS AML LEVY

As expected, the UK Budget included the introduction of a levy on firms subject to the Money Laundering Regulations to help fund new government action to tackle money laundering and ensure delivery of the Economic Crime Plan reforms.  RUSI has issued a comment on the news, calling it a welcome signal of commitment to the Economic Crime Plan but calling for additional funds from the private sector must be matched with an increase in public funding.  It also says that it would also urge a more strategic use of the proceeds of asset seizures and confiscations to build new capabilities to respond to the continued financial crime threat that the country faces.  Meanwhile, the Law Society Gazette reports that the government will allocate £14 million to Companies House ‘to enable it to continue with vital capital projects to help its work tackling economic crime and anti-money laundering’.

https://rusi.org/rusi-news/uk-2020-budget-announcement-rusi-expert-reacts

https://www.lawgazette.co.uk/news/budget-2020-aml-levy-to-go-ahead-/5103424.article

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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